Europe’s economic growth shows promise
2022.12.07 06:08
Europe’s economic growth shows promise
Budrigannews.com – According to data released on Wednesday by the European statistics agency Eurostat, the economy was supported by household spending and business investment, which grew GDP slightly faster than initially anticipated.
The 19-nation euro area’s GDP grew by 0.3% in the third quarter compared to the previous quarter and by 2.3% year-over-year, exceeding Eurostat’s flash estimates of 0.2% and 2.1% released in mid-November.
Growth in the euro zone was boosted by household spending by 0.4 percentage points, and gross fixed capital formation by 0.8 percentage points. Trade had a net negative impact of 1.1 percentage points, while government spending had a negligible impact.
Malta and Cyprus both experienced growth of 1.3 percent, while Ireland experienced the highest growth of 2.3 percent. Estonia, Latvia, and Slovenia experienced the greatest declines.
The euro zone also saw a quarter-on-quarter increase in employment of 0.3%, which was the same as in the second quarter of 2022.
